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Trump’s Latest, and Most Questionable, Crypto Launch, Explained

18 January 2025 at 21:45

On Friday night, just days before his inauguration, President-elect Donald Trump took to X to celebrate…the launch of his new meme coin. “It’s time to celebrate everything we stand for,” he wrote, “WINNING!” It’s a move that, at least on paper, seemed to inflate Trump’s personal wealth by billions ahead of ushering in the most crypto-friendly administration in history.

With this launch, Trump joins the ranks of celebrities like Iggy Azalea, Caitlyn Jenner, and more recently, Haliey Welch, better known as the “Hawk Tuah” girl, all of whom have launched their own meme coins in the last year. Wired describes these currencies as “type of cryptocurrency that generally has no utility beyond financial speculation.”

Trump’s coin has recently reached a market capitalization of $5.2 billion and a fully diluted valuation of $26 billion, referring to the theoretical value if all possible coins were in circulation. Trump’s new pal Elon Musk is known for being a big proponent of one of the most famous meme coins, the dogecoin, named for the same meme that inspired his newly created Department of Government Efficiency.

“It is literally cashing in on the presidency.”

Though the website for the coin states that it “is not political and has nothing to do with any political campaign or any political office or governmental agency,” some critics argue that there are serious ethical concerns. “Unlike traditional Trump-branded ventures, cryptocurrency’s pseudonymous nature means anyone globally can invest without identity checks, potentially creating concerns about undue influence on a sitting president,” Boaz Sobrado, a fintech analyst, wrote in Forbes. Adav Noti, the executive director of Campaign Legal Center, noted in the New York Times that, “it is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president’s family in connection with his office.”

“We now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate,” Jordan Libowitz, vice president for communications at the nonprofit Citizens for Responsibility and Ethics in Washington, told Politico.

Trump’s own former spokesperson, now a staunch critic, Anthony Scaramucci posted that $TRUMP is “Idi Amin level corruption,” and “mocks the industry we are working so hard to build.”

The meme coin is just the latest in a bizarre line of grifty, super-weird takes on “merch.” Last February, Trump showed off gold “Never Surrender High-Tops” for $399 at Sneaker Con, which had Fox News applauding his appeal to Black voters. In March, he began endorsing the $59.99 “God Bless the USA Bible,” which includes the Constitution, the Bill of Rights, and handwritten lyrics to the chorus of Lee Greenwood’s “God Bless the USA.” (Trump’s inaugural committee has confirmed that he will not be using one of these Bibles to swear the presidential oath of office on Monday.) In August, Trump released a new round of his “baseball card” NFTs. “These cards show me dancing and even holding some Bitcoins,” Trump explained in a video on Truth Social. Maybe in the next round, he’ll be holding his own meme coins.

New Reports: Trump’s Mass Deportation Raids Will Begin Next Week

18 January 2025 at 18:48

President Donald Trump ran his 2024 campaign on a promise to enact mass deportation, and to do so immediately. The Wall Street Journal reports that four people familiar with the plan say the incoming administration is preparing for a large-scale immigration raid to begin in Chicago on Tuesday, and last a week.

The New York Times reports that the plan is called “Operation Safeguard” and will involve about 150 agents. ICE routinely carries out deportations in cities, but the Times noted that “the agency was taking additional steps to ramp up enforcement for the operation and tied it to Mr. Trump’s inauguration in a message sent to personnel throughout the agency.”

Trump’s “border czar” Tom Homan specifically identified Chicago as a target at a Northwest Side GOP Club event in December. “We’re going to start right here in Chicago, Illinois. If your Chicago mayor doesn’t want to help, he can step aside,” Homan said. “But if he impedes us—if he knowingly harbors or conceals an illegal alien—I will prosecute him.”

The Chicago Tribune reports that progressive mayor Brandon Johnson has vowed to protect Chicago’s immigrants and its status as a sanctuary city. Immigration advocates across the country have been planning for the incoming administration by expanding know-your-rights trainings, distributing family safety plans, and establishing safe spaces where immigrants can stay during raids.

My colleague Isabela Dias has reported on how Trump’s plans for mass deportation “would permanently change the United States”:

It could lead to racial profiling, the potential separation of families, and the wrongful deportation of Americans and lawful residents. It would also ruin the economy.

The logistical and practical challenges of purging even 1 million people a year are considerable, not to mention the moral and human devastation. But, if realized, a recent analysis by the American Immigration Council found that such a project would cost $967.9 billion over more than a decade. The deportation of immigrant workers who are the backbone of so many critical industries would also break the economy, resulting in an estimated drop of up to 6.8 percent in gross domestic product.

Mass deportation is just one part of Trump’s plan to upend immigration. He has also promised to end birthright citizenship, restore the “Muslim Ban,” attack the Deferred Action for Childhood Arrivals (DACA) program, halt refugee resettlement, and restrict legal immigration.

Video

Here are the actual costs of mass deportation:

Trump’s Latest, and Most Questionable, Crypto Launch, Explained

18 January 2025 at 21:45

On Friday night, just days before his inauguration, President-elect Donald Trump took to X to celebrate…the launch of his new meme coin. “It’s time to celebrate everything we stand for,” he wrote, “WINNING!” It’s a move that, at least on paper, seemed to inflate Trump’s personal wealth by billions ahead of ushering in the most crypto-friendly administration in history.

With this launch, Trump joins the ranks of celebrities like Iggy Azalea, Caitlyn Jenner, and more recently, Haliey Welch, better known as the “Hawk Tuah” girl, all of whom have launched their own meme coins in the last year. Wired describes these currencies as “type of cryptocurrency that generally has no utility beyond financial speculation.”

Trump’s coin has recently reached a market capitalization of $5.2 billion and a fully diluted valuation of $26 billion, referring to the theoretical value if all possible coins were in circulation. Trump’s new pal Elon Musk is known for being a big proponent of one of the most famous meme coins, the dogecoin, named for the same meme that inspired his newly created Department of Government Efficiency.

“It is literally cashing in on the presidency.”

Though the website for the coin states that it “is not political and has nothing to do with any political campaign or any political office or governmental agency,” some critics argue that there are serious ethical concerns. “Unlike traditional Trump-branded ventures, cryptocurrency’s pseudonymous nature means anyone globally can invest without identity checks, potentially creating concerns about undue influence on a sitting president,” Boaz Sobrado, a fintech analyst, wrote in Forbes. Adav Noti, the executive director of Campaign Legal Center, noted in the New York Times that, “it is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president’s family in connection with his office.”

“We now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate,” Jordan Libowitz, vice president for communications at the nonprofit Citizens for Responsibility and Ethics in Washington, told Politico.

Trump’s own former spokesperson, now a staunch critic, Anthony Scaramucci posted that $TRUMP is “Idi Amin level corruption,” and “mocks the industry we are working so hard to build.”

The meme coin is just the latest in a bizarre line of grifty, super-weird takes on “merch.” Last February, Trump showed off gold “Never Surrender High-Tops” for $399 at Sneaker Con, which had Fox News applauding his appeal to Black voters. In March, he began endorsing the $59.99 “God Bless the USA Bible,” which includes the Constitution, the Bill of Rights, and handwritten lyrics to the chorus of Lee Greenwood’s “God Bless the USA.” (Trump’s inaugural committee has confirmed that he will not be using one of these Bibles to swear the presidential oath of office on Monday.) In August, Trump released a new round of his “baseball card” NFTs. “These cards show me dancing and even holding some Bitcoins,” Trump explained in a video on Truth Social. Maybe in the next round, he’ll be holding his own meme coins.

New Reports: Trump’s Mass Deportation Raids Will Begin Next Week

18 January 2025 at 18:48

President Donald Trump ran his 2024 campaign on a promise to enact mass deportation, and to do so immediately. The Wall Street Journal reports that four people familiar with the plan say the incoming administration is preparing for a large-scale immigration raid to begin in Chicago on Tuesday, and last a week.

The New York Times reports that the plan is called “Operation Safeguard” and will involve about 150 agents. ICE routinely carries out deportations in cities, but the Times noted that “the agency was taking additional steps to ramp up enforcement for the operation and tied it to Mr. Trump’s inauguration in a message sent to personnel throughout the agency.”

Trump’s “border czar” Tom Homan specifically identified Chicago as a target at a Northwest Side GOP Club event in December. “We’re going to start right here in Chicago, Illinois. If your Chicago mayor doesn’t want to help, he can step aside,” Homan said. “But if he impedes us—if he knowingly harbors or conceals an illegal alien—I will prosecute him.”

The Chicago Tribune reports that progressive mayor Brandon Johnson has vowed to protect Chicago’s immigrants and its status as a sanctuary city. Immigration advocates across the country have been planning for the incoming administration by expanding know-your-rights trainings, distributing family safety plans, and establishing safe spaces where immigrants can stay during raids.

My colleague Isabela Dias has reported on how Trump’s plans for mass deportation “would permanently change the United States”:

It could lead to racial profiling, the potential separation of families, and the wrongful deportation of Americans and lawful residents. It would also ruin the economy.

The logistical and practical challenges of purging even 1 million people a year are considerable, not to mention the moral and human devastation. But, if realized, a recent analysis by the American Immigration Council found that such a project would cost $967.9 billion over more than a decade. The deportation of immigrant workers who are the backbone of so many critical industries would also break the economy, resulting in an estimated drop of up to 6.8 percent in gross domestic product.

Mass deportation is just one part of Trump’s plan to upend immigration. He has also promised to end birthright citizenship, restore the “Muslim Ban,” attack the Deferred Action for Childhood Arrivals (DACA) program, halt refugee resettlement, and restrict legal immigration.

Video

Here are the actual costs of mass deportation:

Kamala Harris Concedes, Telling Supporters “Do Not Despair”

6 November 2024 at 22:38

Kamala Harris conceded the presidential election to Donald Trump Wednesday afternoon in a speech at Howard University. Addressing a crowd of sometimes tearful supporters, Harris emphasized the need to accept Trump’s victory but continue “the fight for our country.” “While I concede this election, I do not concede the fight that fueled this campaign,” she said.

In her concession speech, Vice President Kamala Harris urged her supporters to accept her election loss against President-elect Donald Trump. pic.twitter.com/cwr3XjJzwH

— The Associated Press (@AP) November 6, 2024

Harris told the crowd she had spoken to Trump earlier in the day and pledged to “engage in a peaceful transfer of power” and help the next president’s team with the transition. In the speech, Harris urged her supporters to accept the outcome of the election. “A fundamental principle of American democracy is that when we lose an election we accept the results,” Harris said. “That principle, as much as any other, distinguishes democracy from monarchy or tyranny.” She also added, “We owe loyalty not to a president or a party, but to the constitution of the United States.”

Harris struck an energizing note, pointing to the need to continue pushing to protect abortion rights and the right to freedom from gun violence. “I will never give up the fight for a future where Americans can pursue their dreams, ambitions, and aspirations, where the women of America have the freedom to make decisions about their own body,” she said.

The vice president encouraged her supporters “to organize, to mobilize, and to stay engaged.” “On the campaign, I would often say, ‘when we fight, we win,'” she said. “But here’s the thing. Sometimes the fight takes a while. That doesn’t mean we won’t win.”

“Do not despair,” Harris concluded. “This is not a time to throw up our hands. This is a time to roll up our sleeves.”

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